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Herzliya, Israel and Calgary, Alberta–(Newsfile Corp. – August 30, 2022) – Innocan Pharma Corporation (CSE: INNO) (FSE: IP4) (OTCQB: INNPF) (the “Company” or “Innocan”) is pleased to present its financial results for the quarter ended June 30, 2022.

Second Quarter 2022 Financial and Operational Highlights (unaudited):

  • Cash balance at the end of Q2-22 – 7.7 M USD, in Q2-21 – 4.6 M USD, an increase of approximately 70% compared to the corresponding quarter.
  • Revenue in Q2-22 – USD 415,000 compared to Q2-21 – USD 89,000, an increase of approximately 370% compared to the corresponding quarter.
  • Revenue in Q2-22 – USD 415,000 compared to Q1-22 – USD 260,000, an increase of approximately 60% compared to the previous quarter.
  • Net loss for Q2-22 – 1.8 M USD compared to Q2-21 – 1.0 M USD, an increase of approximately 75% compared to the corresponding quarter.
  • Working capital in Q2-22 is $8.7 millionin Q2-21, working capital was $5.1 million, an increase of approximately 70% compared to the corresponding quarter.

“In times of market uncertainty, I am proud to lead a resilient company that acts responsibly and invests heavily in R&D like never before,” said Iris Bincovich, CEO of Innocan Pharma, “We are a company in the start-up, showing strong revenue and fiscal responsibility. We have no plans to change this as long as we are a start-up company. »

About Innocan

Innocan is a pharmaceutical technology company that operates in two main segments: pharmaceuticals and consumer wellness. In the Pharmaceuticals segment, Innocan is focused on developing innovative drug delivery platform technologies comprising cannabinoid science, to treat various conditions to improve the quality of life of patients. This segment involves two drug delivery technologies: (i) DPT CBD-loaded liposome platform facilitating exact dosing and sustained, controlled release of CBD into the bloodstream. Research on the LPT delivery platform is in preclinical testing for two indications: epilepsy and pain management. (ii) CLX CBD-loaded exosome platform that may have the potential to provide a highly synergistic effect of regenerative and anti-inflammatory properties targeting the central nervous system (CNS). In the Consumer Wellness segment, Innocan develops and markets a broad portfolio of innovative and effective self-care products to promote a healthier lifestyle. In this segment, Innocan has established a joint venture under the name of BI Sky Global LTD which focuses on developing advanced targeted online sales. https://innocanpharma.com/

For more information, please contact:

For Innocan Pharma Corporation:
Iris Bincovich, CEO
[email protected]


Caution Regarding Forward-Looking Information

Certain information presented in this press release, including, without limitation, information regarding research and development, collaborations, the filing of potential applications with the FDA and other regulatory authorities, the potential completion of future regulatory milestones, the potential for treating conditions and other therapeutic effects resulting from the Company’s research activities and/or products, required regulatory approvals and timing of market entry, constitute forward-looking information as of meaning of applicable securities laws. By its nature, forward-looking information is subject to numerous risks and uncertainties, some of which are beyond Innocan’s control. The forward-looking information contained in this press release is based on certain key expectations and assumptions made by Innocan, including expectations and assumptions regarding the anticipated benefits of the products, the satisfaction of regulatory requirements in various jurisdictions and the satisfactory completion of production agreements. and distribution required. .

Forward-looking information is subject to various risks and uncertainties that could cause actual results and experience to differ materially from the anticipated results or expectations expressed in this press release. The principal risks and uncertainties include, but are not limited to: general global and local (national) economic, market and business conditions; governmental and regulatory requirements and actions of governmental authorities; and relationships with suppliers, manufacturers, customers, business partners and competitors. There are also risks inherent in the nature of product distribution, including import/export issues and the inability to obtain required regulatory and other approvals (or to do so in a timely manner) and availability on each market for product inputs and finished products. some products. The expected timeline for market entry may change for a number of reasons, including the inability to secure necessary regulatory requirements or the need for additional time to enter into and/or satisfy manufacturing and distribution agreements. . Based on the foregoing, readers should not place undue reliance on any forward-looking information contained in this press release regarding the timing of the launch of product distribution. A detailed discussion of other risks that impact Innocan can also be found in Innocan’s public reports and filings which are available under Innocan’s profile at www.sedar.com.

Readers are cautioned not to place undue reliance on forward-looking information, as actual results may differ materially from the forward-looking information. Innocan does not undertake to update, correct or revise forward-looking information as a result of new information, future events or otherwise, except as required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/135274